Ford posts quarterly profit thanks to VW investment in Argo

REUTERS: Ford on Thursday posted a quarterly profit thanks to an investment by Volkswagen in the No 2 US automaker's self-driving Argo unit, offsetting the impact of a production shutdown forced by the coronavirus pandemic.

Ford reported net income in the second quarter of US$1.1 billion, or 28 cents a share, compared with a profit of US$100 million, or 4 cents a share, a year earlier. Excluding items, Ford posted a second-quarter operating loss of US$1.9 billion, or 35 cents a share.

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